NY Times columnist Paul Krugman has just spanked UWS economist Steve Keen – though not justifiably. Seems Prof K went off half-cocked and didn’t even read the entire post from our UWS controversialist. Krugman’s post follows from this and this. It all started from Keen posting this.
They’ve been having a toe-to-toe over assumptions and economic model structures – New Keynesian and New Classical, for the economically literate – and as to be expected from both their styles, it’s been a little intemperate. Worth reading the comments in the first link at the NY Times.
If you want the 30second intro to the macroeconomic schools, I am embarrassed to say: try Wikipedia on New Keynesianism and follow the related macroeconomic links at the bottom of the entry. Good enough for the non-technical.